Glosfer Labs, Inc. (KOSDAQ:A032860) announced a private placement of 10,000,000 common shares at a price of KRW 500 per share for gross proceeds of KRW 5,000,000,000 on January 29, 2020. The transaction will include participation from returning investor, Glosser Holdings Ltd. The company is raising funds through third party allocation increase. The transaction is expected to close on May 29, 2020. The shares issued are subject to a hold period of one year. The transaction has been approved by board of directors of the company.